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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 138,213 $ 215,204
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (recovery of) credit losses 34,693 (109,033)
Depreciation of premises and equipment, net 20,009 9,889
Accretion of fees and discounts, net (16,965) (33,270)
Amortization of intangible assets 14,505 7,949
Amortization of right-of-use lease assets 14,715 8,903
Decrease in operating lease liability (12,856) (9,281)
Income from mortgage banking activities, net (6,529) (18,690)
Gain on sale of securities, net 0 (331)
Loss on sale of other real estate owned and valuation adjustments, net (235) (388)
Stock-based compensation expense 4,427 4,250
Unrealized gain on equity investments, net (5,988) (5,141)
Realized loss on sale of equity investments, net 0 706
Deferred income tax (benefit) expense (6,439) 35,492
(Increase) decrease in accrued interest receivable (11,096) 4,935
Increase in other assets (39,991) (24,809)
Origination of loans held for sale (453,952) (729,620)
Proceeds from sales of loans held for sale 421,098 806,159
Increase in value of bank owned life insurance (437) (1,737)
Increase in capitalized interest, net (1,650) (2,303)
Increase in accrued interest payable 1,590 1,715
Increase in other liabilities 313,791 128,915
Net cash provided by operating activities 406,903 289,514
Investing activities:    
Purchases of investment securities held to maturity (120,868) 0
Repayments, maturities and calls of investment securities held-to-maturity 49,768 19,015
Sale of investment securities available-for-sale 0 14,046
Purchases of investment securities available-for-sale (1,218,022) (2,341,784)
Repayments, maturities and calls of investment securities available-for-sale 911,125 509,738
Net proceeds from sale of equity investments 0 4,899
Proceeds from bank-owned life insurance death benefit 1,437 0
Net decrease in loans 11,642 1,228,462
Net cash from business combinations 573,745 0
Purchase of loans held-for-investment (252,185) (133,728)
Purchases of stock of Federal Home Loan Bank of Pittsburgh (15,318) (585)
Redemptions of stock of Federal Home Loan Bank of Pittsburgh 6 267
Sales of other real estate owned 1,844 2,489
Investment in premises and equipment (7,665) (4,722)
Sales of premises and equipment 891 427
Net cash used in investing activities (63,600) (701,476)
Financing activities:    
Net (decrease) increase in demand and saving deposits (466,105) 1,213,808
Decrease in time deposits (132,825) (123,431)
Decrease in brokered deposits (37,704) (178,897)
Receipts from FHLB advances 458,100 0
Repayments of FHLB advances (458,100) (6,623)
Receipts from federal funds purchased 310,001 0
Repayments of federal funds purchased (310,001) 0
Contributions from noncontrolling shareholders (53) 0
Cash dividend (26,501) (18,058)
Issuance of common stock including proceeds from exercise of common stock options 2,519 526
Redemption of senior debt 0 (100,000)
Repurchases of common shares (184,182) (13,211)
Net cash (used in) provided by financing activities (844,851) 774,114
(Decrease) increase in cash, cash equivalents, and restricted cash (501,548) 362,152
Cash, cash equivalents, and restricted cash at beginning of period 1,532,939 1,654,735
Cash, cash equivalents, and restricted cash at end of period 1,031,391 2,016,887
Supplemental disclosure of cash flow information:    
Interest 16,886 16,493
Income taxes 26,237 29,064
Non-cash information:    
Loans transferred to other real estate owned 502 1,844
Loans transferred to portfolio from held-for-sale at fair value 84,829 44,343
Securities transferred to held-to-maturity from available-for-sale at fair value 931,421 0
Held-to-maturity securities purchased, not settled 5,136 0
Fair value of assets acquired, net of cash received 4,713,544 0
Fair value of liabilities assumed $ 4,379,273 $ 0